Running a small business requires investors or raised capital to afford day-to-day expenses, equipment, inventory, and the cost of employees. When you have the ability to take out a small business loan, there are a few ways to put the money to use to maximize your online and offline reach while generating sales and revenue. With the right use of your small business loan, scale and expand your business while reaching any goals you have set for yourself.
Digital Marketing Campaigns
Marketing plays a major role in the overall success of a business, regardless of the industry you work in and represent. Using a small business loan to expand your marketing campaigns is one way to outperform your competition while solidifying your brand’s name in the marketplace.
Consider the type of digital marketing that is best for your company. If you are unsure, consider working together with a performance marketing team. Performance marketing provides you with the ability to launch campaigns regardless of how big or small your budget is when you begin advertising. With performance marketing, avoid traditional KPIs (key point indicators) such as page views and impressions. Instead, performance marketers work towards increasing conversions, generating leads, and boosting the overall revenue you are capable of generating in shorter periods of time than with traditional display marketing strategies.
Launch social media marketing campaigns using your small business loan. Implement A/B testing while launching a social media campaign to gain valuable insight into the type of ads your customers respond to best. Social media marketing provides complete control over campaigns while remaining flexible in terms of budgets and spending. Use social media to create a sense of community with your current followers and prospective customers.
Hire Remote Workers and Employees
Hiring in-house employees requires adequate space and the ability to pay traditional salaries for full-time positions. Consider the option of hiring remote workers and contract employees with your newly approved small business loan.
Hiring remote and contract workers allows you to do so from any location. With a remote or contract worker, pay individuals for their time on specific projects without overspending on your current budget and the capital you have available. Hiring remote employees provides you with additional assistance as you get your business off of the ground while spreading the word of your brand. Spend more time focusing on inventory and generating sales for your business when working together with contract employees.
Scale Your Inventory With Innovative Products
Investing in more inventory with your small business loan is not the most unique option, though it does allow for scaling and growth. However, it is possible to get creative with your small business loan by developing unique and innovative products for your customers.
Conduct keyword and phrase research in your target industry to learn more about which type of products and services are most in-demand. Browse your competitor’s websites to compare inventory and what makes them unique or attractive to your consumers. Work together with a trusted manufacturer to develop new products or innovative solutions to your customers’ most common problem.
Launch an ECommerce Store
Even if you have an official website for your small business, launching an eCommerce store is highly recommended. Without an online store, you miss out on potential opportunities of drastically expanding your current market and the type of consumers who have a genuine interest in your brand.
Use your small business loan to create and launch an eCommerce website of your own without the use of third-party services such as Shopify. When you have your own self-hosted eCommerce store, reap the benefits such as maximizing the profits you keep while having complete creative control over the layout and design of your site. Developing your own eCommerce store is possible with a robust CMS (content management system) such as WordPress in conjunction with the WooCommerce plugin (optimal for eCommerce websites).
Use WooCommerce to showcase new products while hyping upcoming releases. When a small business has an official online presence along with an eCommerce store, it is much easier to gain trust and loyalty from followers and customers alike. With the right eCommerce setup, expand your online reach while appealing to a much wider audience.